+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
,!3%- ),,!./%3
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
/,//2*-" "+ ' &), 4 ) * 1 .2" +, 1&"+"0 !,),/"0!"- /1,
,/.2" *0 0,+ ),0 %&',0 !" ) !"0,) ! .2" !" ) .2"1&"+"* /&!, 0.2"%"/* +,0+,0,1/,0 ,*,0 0,*,0%&',0 !") -/,*"0
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
/BOL RK> DBKRFK> (DIBPF> AB #FLP K>@FA> AB KRBSL @OBB I> />I>?O> AB #FLP > MBP>O AB QLAL KL FJMLOQ>KAL IL NRB PB> MLONRBKLBPQ>ARIQBO>A>$PMLOI>MOLJBP>AB#FLPNRBBPQ>P @LP>PSFBKBK 79 ,>O> I> SBOA>ABO> PFK PBUL AFGL Y'D>PB @LKJFDL @LKCLOJB>3R/>I>?O>X'B>NR3RPFBOS>[
7BII>AFL>IRW\0RAFLBII>>IRW -LRKELJ?OBP>IS>GB KL RK> K>@FK /BOL BII> QO>GL > IRW I> />I>?O> #FLP JFPJL EB@EL J>KFCFBPQL BK @>OKB >JK I> SBOA>ABO> 2FJFBKQB AB #FLP NRB J>KFCBPQ QLA> MOLJBP> NRB #FLP EFWL BK I> !F?IF> PFK$IKFKDKELJ?OBMRBABSFSFOZPFK$I 80 $II> BO> AB I> SBOA>ABO> PFJFBKQB BII> BPQ>?> JP >II ABI; $II> BO> I> @P@>O> NRB MOLARGL BI &O>KL ELO> I>P LQO>P ALP BO>K MLOQ>ALO>P AB I> 5FA> PIL @LJL I> PFJFBKQB K>QRO>I ,>O>; ELO> OB@RBOABK VL AFGB NRB I>P LQO>P ALP; ELO> ,>O> KLI>E>D>K#FLP @LJL>IDRKLPQO>Q>KAB E>@BOI>$II>KLBO>RKAFLP-LPBLO$II>PILBO>MLOQ>ALO> AB I> 2FJFBKQB FDR>I NRB I>P ABJP MBOL >P @LJL CB BK I> />I>?O> IL>@BO@>JP>I>FJ>DBKOB>I 81 P @LJL BI J>W J>ARO> L BI QOFDL 2RODB BI Q>IIL IRBDL PRODBBIMLIBKIRBDLPRODBI>@P@>O>/BOL@R>KAL4AJBKLP MFBKP> BP>@P@>O> PFKLPBCFG>?FBK PBM>OB@BBU>@Q>JBKQB>I SBOA>ABOL QOFDL /BOL @R>KAL PB E>V> >?FBOQL BI SBOA>ABOL QOFDLBPQ>ABKQOL2ILBPRKMLOQ>ALO LQO>SBW 82 P NRB MRBABK SBO ,>O> KL MLO PBUL PFKL MLO CB >IDL BU>@Q>JBKQB @LJL >NRBIIL ,>O> KL BO> >NRBII> 2FJFBKQB ,>O>BO>RK>MLOQ>ALO>ABI>2FJFBKQB $IBO>I>DBKRFK>2FJFBKQBABCB MLONRBI>/>I>?O>AB#FLP BPMLOCB I>@R>I$IAFL> ?O>E>J7PILCBMRBABMOLAR@FOIL NRB#FLPAFGLNRB$IE>O>CBBK2R/>I>?O> 83 -LQBK@RKQLJPPBJBG>KQB>I>@LP>OB>IBO>,>O> MBOL @LJLI>@P@>O>+>@P@>O>BKSRBISBI>PBJFII>BKPJFPJ>V I> MOLQBDB V I> KRQOB E>PQ> NRB PQ> PB M>O> PLI> J>ARO> P E>EB@ELFDR>IBPQ>QBO@BO>BA>AABI>FDIBPF>ABMBKQB@LPQP E>J>ARO>AL OBQBKFBKALBPQB&O>KLE>PQ>NRBPB>QFBJMLNRB PB >?O> I> @P@>O> ,>O> PFBKAL I> J>AOB AB "OFPQL PIL CRB RK>FK@R?>ALO> $I KL BO> AB P>KDOB AB ,>O> $I KL BO> AB P>KDOB GRA> $I KL BO> AB P>KDOB DBKQFI $I BO> AB I> 2>KDOB AB #FLP #FLP @OBL BPQ> 2>KDOB -L MLA> PBO MLO PBUL $I KL BO> KF GRAL KF DBKQFI 84 $I ?B? KL QFBKB K>A> AB P>KDOB AB I> J>AOB +> P>KDOB SFBKB ABI M>AOB 2>?BJLP NRB I> EBJLDIL?FK> BPQ BK BI J>@EL "LJL RK> D>IIFK> MRBAB MLKBO RK ERBSL RK> MLKBALO> MBOL PF KL E> BPQ>AL @LK BI MG>OL J>@EL BI D>IIL BPL KRK@>
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
JK ELO> SBJLP NRB BPQ>P @LP>P PLK Q>K @FBOQ>P @LJL MRBABKPBO 93 KKLQ>JLPBKQLK@BPNRBPFBII>PFBKALI>?LOI> L6BPIBV PFBKALI>?LOI>ILPMBKQB@LPQ>IBPBKQLK@BPPFBKALI>@P@>O> I> @R>IBPI>BQ>M>MOUFJ>>I>SBKFA>ABI&O>KL/BOLEBOJ>KL EBOJ>K> BIQ>IILKLBPBI&O>KL Q>JML@LI>?LOI>BPBI&O>KL KF Q>JML@L I> @P@>O> BP BI &O>KL >RKNRB @>A> SBW >I J>ARO>O PBM>OB@BJP>I&O>KL 94 $I Q>IIL KL PB M>OB@B >I DO>KL \$KQLK@BP NR P>IB +> ?LOI> RK MBNRBL ?RI?L PB M>OB@B JP >I DO>KL NRB I> ELG> \+RBDL NR P>IB +> @P@>O> BII> PLPQFBKB BI DO>KL BII> KRQOB BIDO>KL 95 ELO>JFOBK>@>I>MOLJBP>NRB#FLPIBEFWL> ?O>E>J NRB YQR 2FJFBKQB[ E>?I>KAL BPMFOFQR>IJBKQB "R>INRFBO> AB KLPLQOLP P>?B BPL $I BPQ>?> E>?I>KAL AB "OFPQL KL AB (P>>@ MLOJBAFLABPR2FJFBKQBABCB
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
7 VL AFDL NRB E>V RK> (DIBPF> $IBDFA> BK >IDK IRD>O BK BPQB JRKAL NRB PB E> >M>OQ>AL V E> PFAL @LIL@>A> >M>OQB AB BP>P @LP>P V I> J>KFCBPQ>@FK AB #FLP E> >QO>AL PR >QBK@FK $PQ>JLPBKILPIQFJLPA>P 103 +> @P@>O> E> A>AL PR CRBOW> > I> PBJFII> $II> E> P>IFAL BO> RK> ?RBK> @P@>O> MBOL V> PFOSF PR QFBJML X5B>K BP I> -LSF>/>I>?O>ABI-LSFL/>I>?O>
104 +>PFJFBKQBK>QRO>IAB ?O>E>JAB(P>>@VAB)>@L?V; .I>PFJFBKQBK>QRO>I JP?FBKAB(PJ>BI PFJFBKQBK>QRO>IAB (P>>@ V ABJP QBK> NRB BKQO>O > I> QFBOO> M>O> MLABO MOLAR@FOBPQLLQOL M>O>MOLAR@FO>)BPP 7 >P Q>J?FK QLA>P BPQ>P LQO>P I>P PBJFII>P QFBKBK NRB PB@>OPB;0RFBOLAB@FOI>@P@>O>PBQFBKBNRBPB@>OVBIMLIBK PBQFBKBNRBPB@>OVQLALJRBOB M>O>NRB>PI>2BJFII>MRBA> OBMOLAR@FOPB PBP@LJLE>PFALBK@>A>BA>A 105 +>P ABKLJFK>@FLKBP E>K PFAL I>P MLOQ>ALO>P AB M>OQB AB BII> M>OQBABBPLBPI>/>I>?O> MLONRBE>?>PFALBP@LKAFALAB QLALP ILP P>?FLP OBCLOJ>ALOBP L I>; PBII>AL AB BIILP E>PQ> NRB>M>OB@FBO>I>BA>AABI DRFI>+>!F?IF>ILAF@B2PBLO /LONRB BPL KLP CRB MOLJBQFAL BK ,>I>NR>P $U>@Q>JBKQB >PBP Y$IILE>BP@LKAFALABILPLGLPABILPP>?FLPVMORABKQBP[ 106 P @LJL >@>?>JLP AB M>P>O MLO BI +F?OL AB ML@>IFMPFP KLPAFJLP@RBKQ>NRB@>A>RKL QLALPBPLPQOBPJBKP>GBOLPAB BP>P ?BPQF>P NRB P>IFBOLK @>A> RK> BK@>G @LK +RQBOL @LOOB@Q>JBKQB @>A>RK>BK@>G>ILQOL@LOOB@Q>JBKQB NRBPLK BI ?RBV V ILP AFCBOBKQBP >KFJ>IBP AB I> !F?IF> P>IFBOLK BK GRPQFCF@>@FK P>KQFCF@>@FK V>KE>PQ>ILPMBKQB@LPQ>IBP/BOL BI @R>OQL CRB RK DRFI> @LOOB@QL V #FLP IL IBS>KQ M>O> BP> BA>A PNRBQFBKBNRBSBKFOBKBP>BA>AM>O>BPQ>O@LOOB@QL 2PBLO I>MOLJBP>ABIDRFI>PFBKAL@RJMIFA>AB,>I>NR>P 107 )BPP KL BO> AB ,>O> MBOL SFKL > QO>SP AB ,>O> >P @LJLI>5FA>SFKL>QO>SPABI>@P@>O> 108 ELO> JR@ELP AB 4AP CFKLP EBOJ>KLP @>QIF@LP L EBOJ>K>P BK BPQ> KL@EB NRFWP MFBKPBK NRB ,>O> BO> I> YJ>AOB AB #FLP[ @LJL AF@BK 4AP \"JL MLAO> BII> PBO I> J>AOBAB#FLPPF#FLPKLQRSLMOFK@FMFLKFCFK \5BK \$KQLK@BP NRFKBO>BI/>AOBAB#FLP PFBII>BO>I>J>AOB \5BK $ICRBPR@OB>ALO VBII>KLCRB2R@OB>ALO>$IPB@OB>2 JFPJL BKI>J>QOFWAB,>O> KLCRBI>MOLMF>@OB>@FKABBII> %RBNRB$IPB@OB>2JFPJL$IKLBO>ABBII>MBOLBII>AB$I "LOOB@QL +> !F?IF> KLP BKPB> NRB Y3LA>P I>P @LP>P CRBOLK EB@E>PMLO$I VKLCRBK>A>EB@ELNRBKLCRBO>EB@ELMLO$I[ $KQLK@BP\@JLMRAL$I; \"JLMRAL$IQBKBORK>J>AOB @R>KAL$IBO>#FLP,FPJL
+ / + !1 ' !+ #
109 ELO> SBJLP >NR I> SBOA>ABO> OBSBI>@FK ABI SBOA>ABOL QFML2LKQOBPJRGBOBPMLOQ>ALO>PABI>PFJFBKQBK>QRO>I E>PQ> J>ARO>OBK)BPP"LJL(PJ>BIKLMLA>PBOIL MLONRBIK>@F OB>IJBKQB BK IL NRB MBKP>JLP ELV CRBO> AB J>QOFJLKFL MLONRB I BO> EFGL AB RK> JRGBO BP@I>S> +RBDL SFKL RKL RK ML@LJP@LJL$I @LJL)BPP BI@R>IBO>(P>>@MBOL>KKLIL BO> MLONRB E>?> K>@FAL AB PBUL BKQOB 2>O> V ?O>E>J /BOL IRBDL >M>OB@F ,>O> NRB MLO BI M>OQL SFODFK>I MOLARGL > )BPR@OFPQL"LOOB@QL#FLP I>/>I>?O> EB@E>@>OKB 110 ELO> JFOBK '>?>K QOBP JRGBOBP NR E>V QOBP JRGBOBP QFMFCF@>A>P FDIBPF>P ,RGBOBP PFBJMOB QFMFCF@>K FDIBPF>P 2FDKFCF@>K QOBP BA>ABP ABKLJFK>@FLK>IBP MLOQ>ALO>P NRB Q>J?FK QFBKBK NRB JLOFO V PB@>OPB FDR>I @LJL I> @P@>O> V ABJP IL E>@BK M>O> A>O IRD>O > I> 2BJFII> +> 2BJFII> KL MRBAB BPQ>O ?FBK KL MRBAB J>ARO>O JP ?FBK E>PQ> NRB I> @P@>O> Q>IIL V I>P ELG>P BPQK QLA>P PB@>P "LOOB@QL "ERM> QLA>I>5FA>NRBE>?>BKBII>P>JKQLALILNRBBO>K BPBPL VJP 111 X-LILMRBABILDO>O ELO>BPQFBJMLAB2BJFII> LQFBJML AB -LSF> +>P @P@>O>P BPQK JRBOQ>P +>P @P@>O>P PB E>K PB@>AL$IQFBJMLABI>/>I>?O>SFODBK;9"FKQ>BK?I>K@L:; KL QL@>A> BP RK> SFODBK 1B@RBOABK RK QFBJML AB />I>?O> SFODBK 2F PB @LIL@> BK J>KLP AB RK> ABKLJFK>@FK PBDRO>JBKQB KL PBO SFODBK PBO J>KLPB>A> MLO BI ELJ?OB M>O> @R>KAL RKL PB A> @RBKQ> /BOL I> (DIBPF> AB #FLP KL BP QL@>A>MLOABKLJFK>@FKX IBIRV> $P/>I>?O>AB#FLPK>@FA> SFODBK EB@E>J>KFCFBPQ> )BPR@OFPQLBIJFPJL>VBO VELV VMLO ILPPFDILPX IBIRV> X"RK @RKJ>O>SFIILPL 7L>JLBPL7LIL @OBL 7L P NRB BP> BP I> 5BOA>A -L PBO QL@>A> -L E>?O KFKDKJ>KLPBLABKLJFK>@FLK>IBKBIK>@FJFBKQLSFODFK>IABI> -LSF>X-LPBLO $II>BPQKA>A>MLO#FLPM>O>P>IFO ABQ>I@LP>Y-LQLNRBKPRP@LP>PPR@F>P PBE>KSRBIQL?RFQOBP[ 112 ,B E>@B OB@LOA>O ,FBKQO>P SBK> AB /ELBKFU BI LQOL A> SFKFBKAL>3R@PLKABI>OBRKFK BI$PMOFQRAB#FLPJBII>J I> >QBK@FK > >IDL JFBKQO>P JF BPMLP> V VL ?>JLP MLO >II E>?I>KAL V ILP KFLP BPQ>?>K AROJFBKAL BK I> M>OQB AB >QOP ABI @>OOL BO> JRV Q>OAB ,B II>J I> >QBK@FK > RK E>I@K V VLJFOBPBE>I@KMLORKO>QLVILBPQRAF$IBPRKQFMLBU>@QL ABI>FDIBPF>ELV 113 ELO> @LJL QLALP P>?BJLP BI E>I@K E> MBOAFAL PR FABKQFA>AABI>@OB>@FKLOFDFK>I$PLBPBU>@Q>JBKQB@LOOB@QL $K RK QFBJML I BO> PFJFI>O >I DRFI> PR EBOJ>KL J>VLO >P BO>BIE>I@K/BOL>ELO>V>KLSRBI>BKILP@FBILPM>O>@>W>OPR J>K @BIBPQF>I PFKL NRB PB E> SRBIQL CILGL 7> KL SRBI> BK ILP @FBILP$IP>IQ>BKI>QFBOO>@LJLRK?RFQOBPBM>O>BKILPMLPQBP ABQBICLKLP>IQ>MLO>II ?RP@>KAL@LKBGLPJRBOQLP$IE>I@K KLCRBEB@ELM>O>E>@BOBPL-L ICRBEB@ELM>O>PBOPFJFI>O> RKDRFI>
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
4AAF@B Y/RBP ILPA>PABILPJFI>DOLPV>M>P>OLK[ 117 4A BP CILGL 4A QFBKB JFBAL AB RQFIFW>O PRP >I>P V SLI>O JP>II\7PBE>SRBIQLABJ>PF>ALCILGLM>O>RK>OBRKFKAB LO>@FK \'>IIBD>AL>RKIRD>OALKABQFBKBJFBALABNRBA>OPB JPABAFBWJFKRQLPBKBI>IQ>O
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
2FJMIBJBKQB PB SRBISBK ?RFQOBP QFBKBK RK> ABKLJFK>@FK MLKBKPRPKLJ?OBPBKBIIF?OLVPBSLISFBOLKMBOBWLPLPVCILGLP V PB PFBKQ>K >II QO>D>KAL >IDRK> @I>PB AB @>OOL> JRBOQ> 7 IRBDL PB PRMLKB NRB MLO IL JBKLP AB?BK PBO E>I@LKBP NRB PLK EBOJ>KLPPFJFI>OBP>IDRFI> BIMOLCBQ>NRBQO>GLI>SBOA>ABO> />I>?O>VI>J>KFCBPQ 127 #BMBKABKABQBLILD>JBAF>MLAOFA>EB@E>MLOBIELJ?OB \#B AKAB I> P>@> I #B >IDRK> ELG> AB RK MOLDO>J> AB
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
BP@R@E>KAL>PRP@>?BW>PMLIQF@>PJRKA>K>PAKALIBP@LJFA> AB ?RFQOB AB @LKBGLP JRBOQLP AB >IDL NRB V> M>P E>@B @FK@RBKQ> >LP >QOP $P> BP I> @LKAF@FK AB I> FDIBPF> MBKQB@LPQ>IX.ENR@LP>
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
X2BDROL
+ / + !1 ' !+ #
136 \/RBABK SBO 2>O> I> FDIBPF> NRB BP@LDF > D>O $PL KL CRK@FLK \"FBOQL -L 2R DORML BPMB@F>IJBKQB BP@LDFAL KL CRK@FLK>O ELV Q>JML@L #L@QLOBP AL@QLO>ALP V QFQRI>ALP KL PFOSBK3LALPILPMLOQ>ALOBPC>II>K +RQBOLC>II FDR>INRB D>O\0REFWL D>O D>OBKQOBD PREFGL>IMB@ELABLQO>JRGBO\-LBP@FBOQL M>O>NRB@OF>O> PREFGL D>OEFWLBPL$KQOBDPREFGL PRKF@LEFGL >IMB@EL AB LQO> JRGBO KL I> J>AOB ABI KFL M>O> @OF>OIL $P> BP I> JFPJ> @LP> NRB EFWL +RQBOL @R>KAL I BKQOBD > PR EFGL GRPQFCF@>@FK >I @RFA>AL AB RK> ABKLJFK>@FK BU>@Q>JBKQB M>O>@OF>OIL 137 6BPIBVC>IIABI>JFPJ>J>KBO> FDR>INRB2>O> ARA>KAL NRB BI />OQL 2L?OBK>QRO>I BO> BI ?>RQFPJL ABI $PMOFQR 2>KQL >P@LJLILEFWL2>O>>IIGRKQL>I>BK@FK>"R>KAL6BPIBVCRB MOBPBKQ>AL @LK IL PL?OBK>QRO>I @R>KAL SFKL I> BA>A MBKQB@LPQ>I V 6BPIBV CRB FKQOLAR@FAL >I E>?I>O BK IBKDR>P V QLAL BPQL PB ?ROI>OLK V PB OFBOLK AB BIIL 3LALP 4AP AB I> FDIBPF> AB "OFPQL >P II>J>A> V 4AP ?>RQFPQ>P V MOBP?FQBOF>KLP @>A>RKLAB4APIBS>KQ>OLKPRPK>OF@BP>BPQL VPB>IBG>OLKABBIIL"LOOB@QL\0REF@FPQB6BPIBV 5BKAFPQBQR EFGL > RK> LOD>KFW>@FK V I JROF V MBOB@F $PL BP BU>@Q>JBKQB@LOOB@QL 138 /BOL I> />I>?O> I> SBOA>ABO> />I>?O> PFDRF -L PB NRBA BKBP>LOD>KFW>@FK$KQO>MBKQB@LPQP VPBIIBS>LQOLP@LK BII>$O>RK'FGLJPJ>AROL @LJLI>2FJFBKQBNRB@>VBKBI SFBKQOB V ABPMRP AB RK QFBJML @LJBKW > CLOJ>OPB I> @LIRJK> ABPMRPQRSLMRIJLKBPVQBK>@>?BW>VMFBP 7ABPMRPABRKQFBJMLIIBD>@R>KALK>@F"LOOB@QL P NRB >PBP@LJLI>FDIBPF>E>J>ARO>AL ABIJFPJLJLAL 139 6BPIBV ARA FDR>I @LJL 2>O> >II GRKQL >I O?LI $II> AFGL; "R>KAL BI KDBI ABI 2BLO RK ELJ?OB SBPQFAL @LJL RK KDBI #FLP BO> $I JFPJL $ILEFJ SBPQFAL @LJL RK ELJ?OB PB M>O >II @LK MLISL BK 2R OLM> 7 AFGL NRB $I E>?> A>AL I> MOLJBP> ABPMRP NRB 2>O> QBK> KLSBKQ> >LP V ?O>E>J@FBK 72>O>PBOFM>O>PJFPJ>VAFGLY\"JLMRBABPBOBPQL ?O>E>JVVLKLEBJLPQBKFAL MRBP KLEBJLPQBKFALOBI>@FK C>JFIF>O @LJL GSBKBP MLO NRFWP SBFKQB >LP[ $II> V> @>PF QBK> @FBK >LP #FGL Y\7L QBKBO MI>@BO @LK JF PBLO VL >K@F>K> V I >K@F>KL Q>J?FK 7 PR QLOOBKQB AB SFA> BPQ JRBOQLVJFJ>QOFWPBE>PB@>AL,FPPBKLPPBE>K>@>?>ALI>P SBK>PABIB@EBV>KLBUFPQBK\"JLMLAOQBKBOIL[ 140 #FLPAFGLY7LILEBMOLJBQFALX$ISFBKBABQLALPJLALP[
141 3>J?FK IL EFWL 6BPIBV Y\"JL MLABJLP KLPLQOLP >@BMQ>OILP > BIILP E>?I>KAL BK IBKDR>P V P>KFA>A #FSFK> V BP>P@LP>P -LBPM>O>KLPLQOLPBKBPQLPA>P[
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
142 #FLPAFGLY7LMOLJBQNRBBKILPIQFJLPA>PABOO>J>O> JFBPMOFQRPL?OBQLA>@>OKB[$IMOLJBQFE>@BOIL V$I>S>KW VILEFWLABQLALPJLALP7I>FDIBPF>6BPIBV>K>@LKQLA>PPRP MBNRB>P EBOJ>K>P MLIBK AB ?>RQFPQ>P MOBP?FQBOF>K>P V I> FDIBPF> AB "OFPQL K>W>OBKLP V MBOBDOFKLP AB P>KQFA>A V ILP EBOJ>KLPRKFALPV@R>KQLPJP QLALPJROFBOLK>II@LKBPL7 I>(DIBPF>PFDRF>S>KW>KAL ELO> \NR EF@FBOLK ILP MBKQB@LPQ>IBP X2B LOD>KFW>OLK
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
+ / + !1 ' !+ #
147 Y\-L P>?>FP NRB BK ILP KBDL@FLP AB ,F />AOB JB BP KB@BP>OFL BPQ>O[ \5BK X2BDROL PBDROL IL SBOA>ABOL PL?OBK>QRO>I
148 $K@>KQ>A> BII>>@>?>ABAB@FONRB$IBO>EFGLAB)LP RK PFJMIBELJ?OB. ILNRBEFWLI>MBKQB@LPQ>I AFGBOLKNRB$IBO> YRKLABQOBP[7LPNRBBPLALIFY4KLABQOBP[/BOL$IBO> QLALP ILP QOBP BK 4KL /BOL ILP MBKQB@LPQ>IBP Y.E P $I BP BI 'FGLABI/>AOB ABI$PMOFQR2>KQL BKQLK@BP;[X.E NR@LP>
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
\/FBKP>KNRBILOB@F?FOK $IILPNRFBOBKPBO@BOBJLKFLPLPV AB@FO Y-RBPQO> ABKLJFK>@FK KL KLP BKPB> BPL[ /BOL I> !F?IF>P"LOOB@QL 153 #FLPILSFKAF@>PBOI>SBOA>A2BDROL A>KAL@RJMIFJFBKQL BKBPQ>BA>A @R>KALILP2FBQB2BIILP.PILMOL?>KALNRBI>P ABKLJFK>@FLKBP PIL E>K PFAL MLOQ>ALO>P BPB BP LQOL KBDL@FL ABI />AOB BI AB MOL?>O 7 BI KBDL@FL ABI />AOB >ELO> BP JLPQO>OIBP > 4AP NRB >NRBII>P ABKLJFK>@FLKBP KL PLK AB $I 2LK PFPQBJ>P EB@ELP MLO ELJ?OBP NRB KFBD>K I> />I>?O> "LOOB@QL-LQBK 4AAF@BYX!FBK ,>O>I>DO>KSFODBK[
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
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
/>I>?O> Z @R>KAL $I SRBIS> AB KRBSL Z V >NRBIILP NRB IB QO>PM>P>OLK X0RQ>KMBNRBLPBPBKQFOKI>PMBOPLK>PNRBPB MRBA>K J>O@E>O AB >NR V >K SFBKAL V KL PIL BK >IDRK>P DO>KABP M>I>?O>P DOFBD>P BQ@ MBOL BK I> PBK@FII> K>QRO>IBW> NRBKLPBKPB>>#FLPBI"OB>ALOVMRBABKSBOILPMLOQ>ALOBP ABI>/>I>?O>VSBOI>/>I>?O>JFPJ> V@LKL@BOI>ELO>BKNRB SFSFJLPVNRBBIQFBJMLAB@LPB@E>BPQ>NR 163 0RBOFAL #FLP KL MBOJFQ>P NRB IB ABJLP I> BPM>IA> > BPQL MLO @>RP> AB >IDRK> FKPBKP>QBW ABI JRKAL MBOL JP ?FBK MBOJQBKLP BK BPQ> KL@EB OB@F?FOIB > $I @LK QLAL KRBPQOL @LO>WK2BLO@OB>BKJRK?RBKBPMOFQR BI$PMOFQRAB5FA> NRB VL MRBA> @OBBO QLA>P 3RP />I>?O>P V >@BMQ>O > )BPP I> />I>?O> BIJFPJL>VBO VELV VMLOILPPFDILPV@OBBOELVBKI> MLO@FKNRBE>PFAL>PFDK>A>M>O>BPQ>BA>A"LK@ABIL 2BLO 7LILMFALBKBI-LJ?OBAB)BPP 164 7>ELO>SLV>MBAFOIB>@>A>RKLAB4APNRBBPQK>NR V MBKP>KAL BK BPQL PFK@BO>JBKQB -L QBKBJLP FDIBPF> M>O> NRB 4A PB RK> 3BKBJLP RK> MFI> >@ ALKAB ?>RQFW>JLP Y3LALP ILP NRB @OBVBOLK CRBOLK ?>RQFW>ALP[ 2F 4A >K KL E> PFAL ?>RQFW>AL BK ?>RQFPJL "OFPQF>KL BPL KL NRFBOB AB@FO OL@F>AL OBD>ALMBOLPFDKFCF@>MLOFKJBOPFK-LBKRKQQRILAB/>AOB 'FGLV$PMOFQR2>KQL MBOLBKBI-LJ?OBABY)BPR@OFPQL[ @LJL CRB ?>RQFW>A> QLA> I> (DIBPF> E>PQ> @R>KAL I> FDIBPF> @>QIF@> BKBI>L FKQOLARGL>QOBPAFLPBPVQOBPCLOJ>PAB?>RQFPJL BKQQRILPQOFKFQ>OFLP2F4A>KKLE>OB@F?FALBPL J>>K>BK I> J>>K> > I>P AFBW BK MRKQL E>V SBPQFARO>P V @LP>P BPMBOKALIB>II 165 \-L SBKAO 4A M>O> RKFOPB > )BPR@OFPQL KL @LK KLPLQOLP -LPLQOLP KF QBKBJLP FDIBPF> >NR M>O> >K @RFA>O AB 4AP 5>V>K>@R>INRFBOFDIBPF>NRBNRFBO>K >IIABALKAB4ASFBKB MBOL MLO C>SLO @OB>K BPQ> />I>?O> \+L @OBBK 4AP #FD>K Y JK[ 9+> @LKDOBD>@FK AF@B Y JK[: #FLP IBP ?BKAFD> 0RBMRBA>K; 166 2F E>V >IDL BK NRB MLA>JLP >VRA>OIB BPQ>JLP >NR M>O> E>@BOIL 167 ELO> VLPNRB>NRE>VBKCBOJLP-RBPQOLQFBJMLPBKLP E> FAL BK BPQ> KL@EB M>O> E>@BO RK> IKB> AB LO>@FK /BOL NRFWP IL ILDO>OBJLP 7L NRFBOL NRB @>A> RKL AB 4AP E>D> >IDLMLOJ$PQKPBKQ>ALP@BO@>AB>IDRFBKMLKD>PRPJ>KLP PL?OBBP>MBOPLK> 7KLE>VARA>NRB4ABPQMLKFBKALPRPJ>KLPPL?OBRK DRFI> NRFWP RK DRFI> NRB E> BPQ>AL @LJFBKAL >IDRK> @LJFA>AB?RFQOBBK>IDKI>ALV@LKBPLPBBKCBOJ7>KLI> NRFBOBK0RFBOBKP>IFOABBPL$PQKE>OQLPVC>QFD>ALPABQLAL BPL 2BKQ>ALP >NR BK BPQ> KL@EB V SBK IL NRB I>P DRFI>P OB>IJBKQB MRBABK @LJBO I> />I>?O> V QBKBO > RK "OFPQL SFSL SFSFBKAL BKQOB BIILP JLPQOKALPB > 2 JFPJL SFSL BI JFPJL
+ / + !1 ' !+ #
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
+ 2$,(++ -. $2 '$1$#$1 ".- + " 2" 1
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
7JB@LJMOI>P>IS>@FK; \0RFK S> > ABPMBAFO 9$I 'BOJ>KL !O>KE>J E>?I> @LK >IDRFBKBKI>MI>Q>CLOJ>: ELO>E>PQ>J>>K>BKI>KL@EB VL ILPABGL>4AP@LKBI'BOJ>KL-BSFIIB KRBPQOLM>PQLO ]
SPN65-0218 (The Seed Is Not Heir With The Shuck) Este Mensaje por el Hermano William Marrion Branham, originalmente predicado en inglés el jueves por la noche, 18 de febrero de 1965, en la escuela Parkview, en Jeffersonville, Indiana, E.U.A., ha sido tomado de una grabación en cinta magnetofónica y publicado íntegro en inglés. Esta traducción al castellano fue publicada y distribuida por Grabaciones “La Voz De Dios”. Reimpreso el 2009. SPANISH ©2002 VGR, ALL RIGHTS RESERVED
GRABACIONES “LA VOZ DE DIOS”
P.O. BOX 950, JEFFERSONVILLE, INDIANA 47131 E.U.A. www.branham.org
Nota Sobre Los Derechos de Autor Todos los derechos reservados. Este libro puede ser impreso en una impresora casera para su uso personal o para compartir, de manera gratuita, como una herramienta para difundir el Evangelio de Jesucristo. Este libro no se puede vender, reproducir a grande escala, subir a una página web, almacenar en base de datos, traducir a otros idiomas o utilizar para reunir fondos sin la expresa autorización por escrito de Grabaciones La Voz De Dios®. Para mayor información o más material disponible, por favor contáctese con:
VOICE OF GOD R ECORDI NGS
P.O. BOX 950, JEFFERSONVILLE, I NDIANA 47131 U.S.A. www.branham.org
